Ljubljana, the capital of Slovenia, has been ranked the world’s most crypto- friendly city in Multipolitan’s 2025 Crypto Cities Index. According to the report, Ljubljana edged out heavyweight contenders like Hong Kong, Zurich, Singapore, and Abu Dhabi to take the top…

Slovenia’s Ljubljana ranked world’s most crypto-friendly city, ahead of Hong Kong and Singapore

Crypto market makers: always essential, occasionally controversial, frequently 
misunderstood. It’s a thankless task, but market makers – or MMs as it’s 
easier to say – aren’t in it for the plaudits. They treat their duty as a 
business, cos that’s exactly what it is: the business of keeping crypto 
markets ticking over around the clock. In practical terms, this means 
supplying the liquidity and matching the bids and asks to ensure there’s 
always a buyer or seller available. And while a tranche of crypto traders will 
continue to misunderstand the role that MMs play, the token projects that 
enlist their services understand the vital role of market makers – 
particularly on decentralized exchanges, where liquidity is typically lower 
than on their centralized counterparts. As for assessing the capabilities of 
the best market makers currently doing their thing on crypto’s frontlines, 
it’s not as simple as tallying up partner count and exchange integrations. 
While these metrics are worthy of consideration, they don’t capture the full 
picture. Qualitative factors such as service quality and client support are 
just as vital in determining which market makers are awesome and which are 
merely mediocre. Through combining measurable data with intangible strengths, 
however, we’ve identified the best crypto market makers in 2025, and they are 
as follows… Cumberland Cumberland, a division of DRW Trading, brings a level 
of maturity to the crypto market-making space that’s hard to match. It’s the 
suit-and-tied, serious businessman in the room: here to talk numbers, not 
shill your latest memecoin. Since entering the crypto scene in 2014, the 
Chicago-based Cumberland has become a trusted partner for institutional 
players seeking deep liquidity. Its tailored market-making solutions can be 
applied to assets ranging from Bitcoin to emerging altcoins. Specializing in 
OTC trades and large-block transactions, Cumberland caters to hedge funds, 
exchanges, token projects, and anyone else needing to execute high-volume 
trades without crashing the market. Its robust risk management practices have 
kept it free from the pitfalls that less seasoned market makers have 
occasionally fallen afoul of. Known for its steady, unflappable approach, 
Cumberland ensures order book stability even during volatile market 
conditions, making it the preferred choice for institutions that need a 
professional market maker to get the job done reliably and while ticking all 
the right regulatory boxes. DWF Labs DWF Labs is a veritable heavyweight in 
crypto market making, which remains its bread and butter despite its 
flourishing advisory and OTC services. Its core strength lies in providing 
liquidity for a vast network of over 700 partners. Indeed, we’re fast 
approaching a stage where it’s easier to list the projects that haven’t 
utilized DWF at some stage for MM purposes. DWF Labs are everywhere, and have 
rightly earned a rep as the industry’s most reliable market maker, keeping the 
order books ticking over whatever the macro outlook. Operating across more 
than 60 centralized and decentralized exchanges, DWF Labs ensures tight bid- 
ask spreads for tokens ranging from micro-caps to majors and from memecoins to 
established blue chips. Beyond liquidity, DWF Labs offers a comprehensive 
suite of web3 services, allowing its clients to combine its market-making with 
VC investments or short-term liquidity to support token launches. This 
holistic approach makes it a go-to for emerging projects that don’t just need 
liquidity, but also an experienced shoulder to lean on and support them 
through a critical stage of their life cycle. Vortex Vortex is a lesser-known 
but no less accomplished market maker, with its proprietary algorithms giving 
it the edge when it comes to efficiently narrowing that all-important bid-ask 
spread. In volatile markets, Vortex’s tech has proven adept at handling 
turbulence, dampening volatility while deepening liquidity for its clients. As 
a newer player in the market making sector, Vortex is eager to please, which 
means going the extra mile to keep its clients content. In addition to 
optimizing liquidity across more than 50 integrated exchanges, Vortex offers 
arbitrage services and helps projects ensure exchange listings at a discounted 
rate. It’s got the connections, it’s got the willpower, and when it comes to 
market making, it’s got the algos that will allow traders and token projects 
alike to maximize value from every swap. Wintermute Wintermute is a market- 
making veteran and remains a major player, boasting a lifetime trading volume 
of more than $600 billion. Active on over 50 CEXs and DEXs, including giants 
like Coinbase, Kraken, and Uniswap, Wintermute operates seamlessly behind the 
scenes to keep markets liquid and efficient. While its largest volumes come 
from tier-one CEXs, Wintermute also supports onchain liquidity for the likes 
of dYdX perpetual futures and Uniswap pools. Its proprietary algorithms, 
though kept under wraps, are widely respected for maintaining market flow 
during challenging conditions. Wintermute’s understated confidence and 
reliability have earned it an unmatched reputation, making it a crypto market 
cornerstone. While capable of occasionally running into controversy, when you 
zoom out, Wintermute has been a net good for DeFi and CeFi since its 
inception. GSR London loves churning out crypto market makers, and GSR is a 
prime example of the city’s influence on global markets. GSR is plugged into 
over 60 exchanges and provides liquidity for a combination of emerging token 
projects and established digital assets. Its decade-long presence in the 
industry has given it the expertise to adroitly navigate the complexities of 
crypto markets. Through bull times and bear, GSR’s seen it all and kept its 
clients ticking over with the liquidity they need to make it through the next 
cycle and beyond. GSR earns kudos for its transparency, offering clients daily 
reports with detailed KPIs and performance metrics. This openness ensures 
projects are kept in the loop on everything from order book depth to slippage 
rates. Through focusing on fair price discovery and narrow bid-ask spreads, 
GSR gets the job done efficiently while keeping its head below the water. Like 
the best market makers, it understands that its job is to swerve the 
limelight, allowing its clients to shine. Amber Group Amber Group has some 
impressive stats to its name: $5 billion in daily volume across 200+ tokens, 
which account for over 3% of global crypto trading activity. With one foot in 
CeFi and the other DeFi, Amber Group straddles the industry like a colossus, 
combining high uptime with efficient algorithms to deliver deep liquidity. Its 
team of sharp minds adds intellectual heft to its operations, making it a 
formidable player in the market-making space. Like DWF Labs, Amber Group 
offers a full suite of web3 services, from advisory support for token issuance 
to lifecycle management. Launching a token is a complex endeavor, and Amber 
Group’s expertise helps projects navigate this process with precision, 
ensuring a successful rollout and sustained market activity. For teams seeking 
a seasoned partner they can rely on through thick and thin, Amber Group has 
got it locked down. Liquidity Is King Market makers aren’t in the business of 
inflating or deflating token prices: they’re here to provide the liquidity 
that sets the stage for everything else. Their support for buy and sell orders 
enables price discovery, helps to grow volume, and provides the sort of round- 
the-clock action that prompts listings on larger exchanges. In theory, you 
could go it alone and launch a token without a market maker onboard. But 
unless you’ve hit upon a viral memecoin that’s headed to a billion, or devised 
a radical new liquidity-growing tokenomic model, your odds of making it into 
the next month sans MM are vanishingly small. Market makers may not be 
mandatory, but they’re highly recommended. They serve a stabilizing force 
during those critical early days, helping projects weather the initial 
volatility and build a foundation for long-term growth. No market maker, no 
moon. Choosing to employ the services of a market maker is thus a no-brainer. 
Choosing which market maker to utilize is harder – but the foregoing six 
should form your starting point for reaching the right decision. Image by 
Matthias Wewering from Pixabay

Six of the Best Crypto Market Makers Supplying Liquidity in 2025

Decentralized AI startup Nous Research has raised $50 million in a Series A 
round led by crypto venture giant Paradigm, marking one of the largest 
investments at the intersection of blockchain and artificial intelligence to 
date.
According to an April 25 report from Fortune, the funding round values Nous at 
a $1 billion token valuation. Previous investors include Distributed Global, 
North Island Ventures, and Delphi Digital, who contributed to Nous&#8217;s earlier 
$20 million seed rounds.
Operating since 2022, Nous Research is stepping into the spotlight with the 
latest fundraising to develop open-source AI models powered by decentralized 
infrastructure.
The company leverages the Solana blockchain to coordinate and incentivize 
global participation in training its AI models, aiming to challenge 
centralized giants like OpenAI and DeepSeek.
_Nous Research announcing Nous Psyche on Solana. Source:__Nous Research_
 _**Related:**__**Angels from Citadel, Jane Street, JPMorgan back $20M raise 
for Theo network**_
## Nous harnesses global idle compute power for AI training
Founded by AI researchers, including collaborators like Diederik Kingma (co- 
inventor of the Adam optimizer), Nous is taking a different approach from 
typical crypto-AI projects.
Instead of relying on centralized data centers, it enables individuals 
worldwide to contribute idle computing power for AI training.
Blockchain technology underpins this model, ensuring secure, incentivized 
participation while mitigating risks like data poisoning through features such 
as Byzantine fault tolerance.
&#8220;We very much came from a mentality that we want to create and serve the 
world&#8217;s best AI,&#8221; co-founder Karan Malhotra told Fortune.
Per the report, the 20-person team at Nous Research will allocate much of the 
new capital toward scaling compute resources and advancing research.
In December 2024, Nous told Venture Beat that it is pre-training a 15-billion- 
parameter LLM in a decentralized manner, livestreaming progress to showcase 
transparency and performance.
Meanwhile, Paradigm&#8217;s backing signals a deepening interest in AI within crypto 
venture circles.
&#8220;This open, community-oriented approach is a powerful contrast to the closed, 
centralized efforts from incumbent labs,&#8221; Paradigm partner Arjun Balaji 
reportedly told the outlet.
_**Related:**__**Crypto users cool with AI dabbling with their portfolios: 
Survey**_
## Paradigm becomes top-performing crypto VC
Paradigm is one of the biggest and most successful crypto venture capital 
firms.
In March, Web3 data platform Kaito AI ranked Paradigm as the top-performing 
crypto VC over the past year, posting an impressive 11.80% performance metric, 
outperforming other major players like Alliance (10.64%), Dragonfly (8.32%), 
a16z (6.94%) and Multicoin Capital (5.86%).
_Source:__Rory_
Founded by Coinbase&#8217;s Fred Ehrsam and ex-Sequoia partner Matt Huang, Paradigm 
has built a strong reputation for spotting high-potential crypto projects 
early.
Its portfolio includes leading DeFi platforms like Uniswap (UNI) and dYdX, as 
well as consistent backing for Ethereum scaling solutions such as Optimism.
Paradigm also led a $255 million round for StarkNet, a key player in zero- 
knowledge rollup technology.
_**Magazine: **__**Stablecoin for cyber-scammers launches, Sony L2 drama: 
Asia Express**_

Nous Research secures $50M from Paradigm to build decentralized AI on Solana

Despite concerning headlines of fresh tariffs, fractured alliances, and 
looming recession fears, there are still strong reasons for investors to 
remain positive, according to Nigel Green, CEO and founder of deVere Group. In 
a note sent to crypto.news, Green pushed…

Pro: Trade wars are causing recalibration, not collapse for investors

The XRP price rallied again to $2.22 after a relief rally rocked Bitcoin and 
the crypto market. This was fueled by comments from US President Donald Trump 
that the tariffs on China are expected to be significantly reduced, even 
though they would not be zero. In the aftermath of this recovery, though, the 
XRP price has begun to retrace, suggesting that a local top may have been 
reached. However, some developments for XRP could see a kickstart to the bull 
rally. CME Group Announces XRP Futures Launch The XRP community has been 
rocked by positive news once again after the CME Group announced that it would 
be launching a futures contracts investment vehicle for XRP. The derivatives 
exchange seems to be taking advantage of the hype around the XRP price over 
the last few months, especially with the conclusion of the Ripple vs. SEC 
lawsuit on the horizon. Related Reading: Bitcoin Sees Largest ETF Inflows 
Since January, Becomes 5th Largest Asset In The World CME Group revealed that 
the futures contracts would be a cash-settled one, allowing investors to be 
able to bet on the XRP price rising or going down. This allows for exposure to 
XRP without having to actually buy and hold the digital asset itself. This is 
akin to the Bitcoin futures launched back in October 2021, setting the stage 
for the approval of Spot Bitcoin ETFs later in January 2024. The exchange 
revealed that it plans to launch the very first XRP futures contract on May 
19th if the Securities and Exchange Commission (SEC) gives its approval. This 
news has been positively received in the XRP community, with Ripple CEO Brad 
Garlinghouse calling it “an incredibly important and exciting step in the 
continued growth of the XRP market.” Additionally, the XRP price jumped above 
$2.2 in response to the news. Related Reading: Why Did The Dogecoin And Shiba 
Inu Prices Surge Over 10%? Sentiment Recovers Around XRP Price Despite the 
decline in the XRP price following the market slowdown on Thursday, sentiment 
around the altcoin continues to be very positive. Data from CoinMarketCap 
shows that positive sentiment around the XRP price has rebounded after briefly 
dipping when the altcoin fell below $2.22. It is now sitting at an 88% of all 
votes being bullish, with only 12% expecting the price to fall further from 
here. Crypto analyst Armando Pantoja has also called out a possible bullish 
action brewing for the XRP price. According to the analysis, momentum is 
building after the price bounced off key support just above $2, and there is 
no major resistance in sight. He set the target at $2.50, which would mean a 
20% jump in price from here. Featured image from Dall.E, chart from 
TradingView.com

Is The XRP Price Rally Over At $2.22? New Developments Suggest Major Pump Is Coming

The crypto industry is bracing for a significant shift in regulatory tone 
following Paul Atkins&#8217; swearing-in as chair of the US Securities and Exchange 
Commission on April 21. A former SEC commissioner with deep roots in 
deregulatory philosophy, Atkins replaces Gary Gensler, whose combative stance 
toward crypto defined much of the agency&#8217;s recent legacy.
In the latest episode of _Byte-Sized Insight with Cointelegraph_ , key 
industry figures weigh in on the implications of this leadership change and 
what it might unlock for innovation, investment and clarity for digital 
assets.
## **Crypto &#8216;s &#8220;golden age&#8221; continues**
Chris Perkins, president of CoinFund, spoke with host Savannah Fortis and 
described his excitement regarding the new SEC chair, predicting a reduction 
in regulatory uncertainty under the new administration.
&#8220;We were under this regulatory reign of terror, you know, under the Biden 
administration,&#8221; said Perkins. &#8220;Investors in assets, they&#8217;re very comfortable 
taking market risk&#8230; but they&#8217;re not comfortable taking reputational risk, 
and along with that is regulatory risk.&#8221;
He pointed out how it was not only investors and companies who were nervous 
under the last administration, but also developers in the crypto space who had 
been targeted for their work.
Perkins highlighted how a shift in the regulatory climate could catalyze 
growth.
&gt; &#8220;Now, again, you&#8217;re taking that personal liability off… So in a way, you 
&gt; have this perfect storm of new institutional capital coming in and new 
&gt; developers coming in. And I think the this is going to be a golden age for 
&gt; venture and value creation.&#8221;
_**Related:**__**Paul Atkins &#8216; loosely linked RSR token rises 13% after 
Coinbase listing**_
Katherine Dowling, general counsel and chief commercial officer at Bitwise 
Asset Management, agreed that change is already visible.
&#8220;The mood has already changed,&#8221; she said. &#8220;We&#8217;ve seen a flurry of activity 
around certain legal cases&#8230; being dismissed, dropped&#8230; not because all 
regulation is going away&#8230; but because more work needs to be done to define 
what these digital assets are.&#8221;
Dowling emphasized that the shift is about clarity, not deregulation.
&gt; &#8220;It&#8217;s a signal shift towards let&#8217;s take a step back and define what these 
&gt; are, what they look like, and how they should be regulated.&#8221;
## **What to expect from the Atkins era**
James Gernetzke, chief financial officer of Bitcoin and crypto wallet Exodus, 
added that &#8220;the promise of being able to engage with a regulator on a 
reasonable basis… is going to be very helpful.&#8221;
Gernetzke said he expects a return to &#8220;more normal time frames&#8221; for IPOs and 
access to capital markets.
&gt; &#8220;I think the IPO rush&#8230; you will see probably towards the end&#8230; maybe 
&gt; months 10, 11, 12&#8230; it&#8217;s coming for sure.&#8221;
Perkins captured the broader sentiment, calling the incoming market structure 
bill a potential unlock.
&gt; &#8220;This market structure bill is going to have a really big impact&#8230; because 
&gt; then I know what my asset is, and I have a process for capital formation. I 
&gt; have a process for disclosures&#8230; It&#8217;s going to be awesome.&#8221;
Listen to the full episode of _Byte-Sized Insight_ for the complete interview 
on Cointelegraph&#8217;s Podcasts page, Apple Podcasts or Spotify. And don&#8217;t forget 
to check out Cointelegraph&#8217;s full lineup of other shows!
_**Magazine: SEC &#8216;s U-turn on crypto leaves key questions unanswered**_